ContourGlobal PLC Q3 2017 Bondholder Update (2991Z)

TIDMGLO

RNS Number : 2991Z

ContourGlobal PLC

14 December 2017

14 December 2017

ContourGlobal plc

Q3 2017 Bondholder Update

Financial highlights

-- Strong financial performance with significant growth in revenue, Adjusted EBITDA, CFADS and FFO):

o 9M 2017 Revenue: increased 13% to $742m

o 9M 2017 Adjusted EBITDA: increased 16% to $380m

o LTM Q3 2017 CFADS(1) : increased 28% to $206m

o 9M 2017 FFO(2) : increased to 22% to $197m

-- Successful integration of new businesses, including Brazil hydro and Solutions Brazil, drives strong growth

   --    Robust credit performance with 5.1x DSCR and 3.4x Bond Indenture Defined Leverage Ratio(3) 

-- Successful November 2017 Initial Public Offering ("IPO") on the London Stock Exchange ("LSE") further strengthens credit quality with $490m of corporate level liquidity

   --    On track to meet FY Adj. EBITDA guidance of $500m - $520m 

Financial Highlights

 
                 Q3 2017   Q3 2016   Change 
--------------  --------  --------  ------- 
 YTD Revenue     742       654       13% 
--------------  --------  --------  ------- 
 YTD Adjusted 
  EBITDA*        380       327       16% 
--------------  --------  --------  ------- 
 LTM CFADS*      206       162       28% 
--------------  --------  --------  ------- 
 YTD FFO*        197       161       22% 
--------------  --------  --------  ------- 
 

* Non-IFRS metrics

Operational highlights

-- ContourGlobal continues to achieve industry-leading health and safety performance, with 0.03 Lost Time Incident ("LTI") rate for the past 12 months.

-- Availability factors are high across the fleet with September YTD factors of 91.4% in Thermal and 97.3% in Renewables. Availability in Renewables was higher than previous period, while availability in Thermal was slightly below due to scheduled maintenance activities at Maritsa and KivuWatt.

-- Renewable resource performance was below expected levels with 3% impact on Adjusted EBITDA for 9M 2017.

-- In December, the company closed the acquisition of a 19MW solar portfolio in Italy for EUR58m. The plants are located near existing ContourGlobal assets and can be immediately integrated into the company's operations and maintenance platform.

-- Final negotiations for commercial close for a 500MW new-build thermal plant in Kosovo currently underway in Pristina, Kosovo.

Operational Highlights

 
                              YTD Q3   YTD Q3   Change 
                               2017     2016 
---------------------------  -------  -------  ------- 
 GWh 
  produced       Thermal      5,872    5,393    +9% 
--------------  -----------  -------  -------  ------- 
  Renewable                   3,316    3,223    +3% 
 --------------------------  -------  -------  ------- 
 MW in 
  operation      Thermal      2,640    2,531    +4% 
--------------  -----------  -------  -------  ------- 
  Renewable                   1,497    1,373    +9% 
 --------------------------  -------  -------  ------- 
 Availability 
  factor         Thermal      91.4%    91.9%    -0.5% 
--------------  -----------  -------  -------  ------- 
  Renewable                   97.3%    94.7%    +2.6% 
 --------------------------  -------  -------  ------- 
 Avg. 
  capacity 
  factors        Thermal      37.5%    36.3%    +1.2% 
--------------  -----------  -------  -------  ------- 
  Renewable                   35.5%    36.2%    -0.7% 
 --------------------------  -------  -------  ------- 
 

Presentation and conference call

The company will host a call for investors at 14:00 BST. Confirmation code and participant access numbers per country are available on the ContourGlobal website:

http://www.contourglobal.com/event/contourglobals-q3-2017-bondholder-update-call

The presentation for the call can be downloaded at http://www.contourglobal.com/reports

Enquiries

 
 Investor Relations -           Media - Brunswick 
  ContourGlobal 
 Alice Heathcote - +1           Charlie Pretzlik/Simon 
  646 599 2924                   Maine - [phone] 
  [e-mail]    5959 
                                 [e-mail] 
 

(1) Cash Flows Available for Debt Service (CFADS) is a metric defined in ContourGlobal's EUR700m Bond Indenture that is reported on a last 12 month (LTM) basis; CFADS growth ($162m Q3 2016 to $206m Q3 2017) excludes $90m special distribution in Q2 2016 from Maritsa

(2) Funds from operations

(3) Debt Service Coverage Ratio and Leverage Ratio ("Non-Guarantor Combined Leverage Ratio") as defined in Bond Indenture.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 14, 2017 02:00 ET (07:00 GMT)